{"id":546077,"date":"2022-04-27T03:57:03","date_gmt":"2022-04-27T03:57:03","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=546077"},"modified":"2025-12-15T21:18:59","modified_gmt":"2025-12-15T21:18:59","slug":"el-sisi-wants-to-attract-usd-40-bn-in-private-investment-through-sale-of-state-assets-over-the-next-four-years","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/el-sisi-wants-to-attract-usd-40-bn-in-private-investment-through-sale-of-state-assets-over-the-next-four-years\/","title":{"rendered":"El Sisi wants to attract USD 40 bn in private investment through sale of state assets over the next four years"},"content":{"rendered":"<section id=\"546079\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"546079\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">1<\/div>\r\n\r\n                    <p class=\"f-graphik\">What We're Tracking Today<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/27\/this-morning-banks-off-all-next-week-more-egyptians-are-banked-than-ever-before\/\">\r\n                            THIS MORNING: Banks off all next week + More Egyptians are banked than ever before                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/27\/this-morning-banks-off-all-next-week-more-egyptians-are-banked-than-ever-before\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2022\/04\/27\/this-morning-banks-off-all-next-week-more-egyptians-are-banked-than-ever-before\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2022\/04\/27\/this-morning-banks-off-all-next-week-more-egyptians-are-banked-than-ever-before\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=THIS MORNING: Banks off all next week + More Egyptians are banked than ever before&url=https:\/\/enterpriseam.com\/egypt\/2022\/04\/27\/this-morning-banks-off-all-next-week-more-egyptians-are-banked-than-ever-before\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2022\/04\/27\/this-morning-banks-off-all-next-week-more-egyptians-are-banked-than-ever-before\/&title=THIS MORNING: Banks off all next week + More Egyptians are banked than ever before\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=THIS+MORNING%3A+Banks+off+all+next+week+%2B+More+Egyptians+are+banked+than+ever+before+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F04%2F27%2Fthis-morning-banks-off-all-next-week-more-egyptians-are-banked-than-ever-before%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/27\/this-morning-banks-off-all-next-week-more-egyptians-are-banked-than-ever-before\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546079\" class=\"content-area-description single-story post-546079 post type-post status-publish format-standard hentry category-what-were-tracking-today tag-banking tag-commodities tag-enterpriseam tag-financial-inclusion tag-fintech tag-indomie tag-indonesia tag-inflation tag-russia-ukraine-war tag-tax tag-vat tag-what-were-tracking-today wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Good morning, wonderful people, and welcome to the next-to-last workday of Ramadan. <\/strong>It\u2019s another huge news day today, so we\u2019re going to jump straight in with this public service announcement:<\/p>\n<p><strong>PSA #1- The whole of next week will be a bank holiday to celebrate Eid al Fitr<\/strong>, the Central Bank of Egypt (CBE) said overnight. The country\u2019s banks will be closed from Sunday, 1 May through Thursday, 5 May. Shortened Ramadan hours will end when banks reopen for business as usual on Sunday, 8 May. With banks closing for the week, you can expect an announcement any moment now from the EGX that it is following suit.<\/p>\n<p><strong>REMINDER- The private sector won\u2019t be taking the entire week off for Eid, unlike the <\/strong><strong>public sector.<\/strong> The private sector will officially get <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/384416460395447\">Labor Day<\/a> (that\u2019s 1 May) and the <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/384423803728046\">first two days of Eid<\/a> as paid vacation days, the Manpower Ministry has said. Now it\u2019s up to you (or your bosses) to decide if your company will bridge the entire week.<\/p>\n<p><strong>PSA #2- Only e-invoices will be accepted as proof companies have paid VAT on goods <\/strong><strong>and services <\/strong>starting 1 July, the Finance Ministry said in a <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/388713083299118\">statement.<\/a> The Tax Authority will accept paper invoices issued before companies were obligated to join the e-invoice system, as well as from companies granted exceptions by the authority.<\/p>\n<p><strong>What e-invoicing system?<\/strong> The Tax Authority launched a pilot for the B2B e-invoicing program with 134 companies in late 2020, before extending the system to all large taxpayers <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c96030e0-a4d2-4c6b-8619-8fa4ad9192da\">last July<\/a>. All B2B invoices issued by businesses based in the Greater Cairo Area will be automated by June, director of taxpayer services at the Tax Authority Mohsen El Gayar recently <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/18d53df7-c601-478e-8d52-5674b63b988f\">told Enterprise<\/a>, while all B2B and B2C invoices across the country should be fully automated by December.<\/p>\n<p><strong>More than 70k companies have registered for the e-invoicing system so far<\/strong> and have sent north of 200 mn e-invoices, FinMin said.<\/p>\n<p><strong>PSA #3- Some Indomie noodles pulled from the shelves over safety concerns: <\/strong>Indomie Egypt has 48 hours from yesterday to recall all its chicken and vegetable flavored instant noodles, as well as those with chili packets, from the Egyptian market, after the National Food Safety Authority declared them unfit for consumption due to the presence of aflatoxins and pesticide residues in unsafe quantities, state-owned news portal <a href=\"https:\/\/gate.ahram.org.eg\/News\/3497057.aspx\">Ahram<\/a><a href=\"https:\/\/gate.ahram.org.eg\/News\/3497057.aspx\">Gate<\/a> reports. Indomie was also ordered to remove claims from its packaging that products contain vitamin B, iron, zinc, and calcium. The company has already recalled more than 770k products following the decision.<\/p>\n<p><strong>SO, WHEN DO WE EAT?<\/strong> You\u2019ll be breaking your fast at 6:30pm CLT this evening in the capital city, and fajr prayers are at 3:42am.<\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">\n          Get <b style=\"font-weight: 700\">Enterprise<\/b> daily<br \/>\n        <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>      <a href=\"egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\">Subscribe here<\/a>\n    <\/div>\n<\/p><\/div>\n<\/div>\n<p><strong>FROM THE DEPT. OF GOOD NEWS- The majority of Egyptian adults are now banked.<\/strong> More than 56% of Egyptian adults \u2014 nearly 37 mn people \u2014 held a bank account, mobile wallet or pre-paid card at the end of 2021, up from almost 53% the year before, according to <a href=\"https:\/\/ent.news\/2022\/4\/FI-Infograph-EN.pdf\">central bank figures (pdf)<\/a> released yesterday. The figure has more than doubled since 2016, when just north of a quarter of over-16s owned a \u201ctransactional\u201d account, a definition that includes bank accounts as well as Post Office savings accounts. That includes some 16 mn women \u2014 up 171% since 2016. <strong>It\u2019s a far cry from the \u201ctwo-thirds of the country is unbanked\u201d figure <\/strong>that had held for a decade prior to the CBE\u2019s financial inclusion drive.<\/p>\n<p><strong>SIGN OF THE TIMES- Nearly seven in 10 payment transactions in the Middle <\/strong><strong>East and North Africa will be digital in 2023.<\/strong> So says the MENA Fintech Association in a <a href=\"https:\/\/ent.news\/2022\/4\/SHIFT-Vol-1-Landscape.pdf\">new report (pdf)<\/a> that anticipates the rise of cashless payments to accelerate this year and the next. Digital payments are growing at a 20% CAGR, putting them on track to surpass USD 20 bn next year, more than double what was spent digitally in 2019. The report doesn\u2019t break out Egypt-specific figures.<\/p>\n<p><strong>Driving the acceleration: <\/strong>Greater smartphone adoption in the region, a growing number of young, tech-literate demographics, and the increasing numbers of POS devices and fintechs offering services like buy-now-pay-later (BNPL) and closed loop payments .<\/p>\n<p><strong>DATA POINT- Those 18% CDs are still being snapped up: <\/strong>Investors have now poured some EGP 600 bn into 18% CDs at Banque Misr and the National Bank of Egypt \u2014 that\u2019s EGP 23 bn in inflows in the past seven days, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ddb1123a-a015-4c4b-b44d-3b138b3cde61\">according to our math<\/a>. Some EGP 410 bn is in deposits at the NBE, while the remainder is parked at Banque Misr, <a href=\"https:\/\/bit.ly\/3LkICBA\">Al Mal<\/a> reports. The CDs launched last month, following the central bank\u2019s 100-bps interest rate hike.<\/p>\n<p><strong>THE BIG STORY ABROAD this morning is the weaponization of energy in Europe,<\/strong> after Poland and Bulgaria announced that Russia will completely cut off gas exports to the two countries from 8am CLT today. Ukraine\u2019s government said the move hailed the beginning of Russia\u2019s \u201cgas blackmail of Europe.\u201d Moscow earlier this month said it would demand payment in RUB for its key gas exports to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/08e528e8-7d6a-4836-b146-ebb03bf0125c\">\u201cunfriendly countries\u201d<\/a> (read: pretty much all of Europe). Meanwhile, concerns that the war is escalating were further stoked by <strong>reports of military attacks in a pro-Russian breakaway region of neighboring Moldova<\/strong>. <a href=\"https:\/\/www.reuters.com\/world\/europe\/blasts-hit-soviet-era-radio-antennae-breakaway-moldovan-region-authorities-say-2022-04-26\/\">Reuters<\/a>, the <a href=\"https:\/\/www.ft.com\/content\/7872ad6a-918a-4d22-833f-4f5bae7b3e36\">Financial Times<\/a>, and <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-04-26\/russia-halted-gas-supplies-to-poland-onet-pl-reports-l2gapmmd\">Bloomberg<\/a> all have more.<\/p>\n<p style='font-size: 18px;font-weight: bold' >INFLATION WATCH-<\/p>\n<p><strong>High food and energy prices are set to stick around for years, <\/strong>the World Bank has warned in its latest <a href=\"https:\/\/ent.news\/2022\/4\/CMO-April-2022.pdf\">commodities report (pdf)<\/a>. While the medium-term outlook will hang heavily on how long war continues in major food and fertilizer exporter Ukraine, prices are set to \u201cremain elevated\u201d through 2023-2024 compared with the last five years, the WB says. Energy prices had more than quadrupled by March 2022 from their April 2020 low, fertilizer prices have tripled, and food prices are up 84% \u2014 leading to \u201cmajor humanitarian and economic impacts and exacerbating food insecurity and inflation in many countries,\u201d the lender writes.<\/p>\n<p><strong>ON THE BRIGHT(ISH) SIDE- Indonesia\u2019s ban on exports of palm oil is not as <\/strong><strong>comprehensive as first reported. <\/strong>Indonesia has clarified that its export ban on palm oil only encompasses processed products like cooking and frying oil, and not crude palm oil. Indonesia accounts for some 30-40% of the world\u2019s supply of processed palm oil, so the restrictions will still have a major impact on the global edibles oil market \u2014 which is already reeling from the war in Ukraine \u2014 when they come into effect on 28 April, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-04-26\/indian-buyer-says-details-of-indonesia-palm-export-ban-a-relief\">Bloomberg<\/a> writes.<\/p>\n<p><strong>That\u2019s probably not going to be a source of comfort to Egyptian firms:<\/strong> UN data shows that the bulk of the palm oil imported by Egyptian companies last year was not crude. Egypt is one of the largest buyers of palm oil in the world, and Indonesia accounted for almost 90% of our supply in 2020.<\/p>\n<p><strong>CIRCLE YOUR CALENDAR-<\/strong><\/p>\n<p><strong>Businesses have four days left to file their corporate tax returns<\/strong>. Companies with financial years ending 31 December have to file their returns by Saturday, 30 April.<\/p>\n<p><strong>Also on the final day of the month: <\/strong>The <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d34fde27-bb5d-4393-8c4d-b149d636663d\">fixed customs exchange rate<\/a> introduced last month following the EGP devaluation will be lifted. Greenbacks used for importing essential items such as basic commodities and materials used for manufacturing are currently changing hands at a fixed rate of EGP 16, a move introduced to minimize exchange rate volatility in the wake of the deval.<\/p>\n<p><strong>ITIDA has begun accepting applications for its annual Export IT program: <\/strong>The program is designed to encourage local IT companies to boost exports while reducing related costs. Interested companies have until 31 May to send in their applications, and can <a href=\"https:\/\/itida.gov.eg\/English\/Programs\/Export-IT%20Rebate%20Program%202017\/Pages\/default.aspx\">check the details here<\/a>.<\/p>\n<p><strong><a href=\"https:\/\/enterprise.press\/am-edition\/#calendar\">Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p>\n<p class='web-image'><img decoding=\"async\" data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/1\/Web-view-01.jpg?ssl=1\" alt='enterprise'><\/p>\n<p><strong>*** It\u2019s Hardhat day \u2014 your weekly briefing of all things infrastructure in Egypt:<\/strong> Enterprise\u2019s industry vertical focuses each Wednesday on infrastructure, covering everything from energy, water, transportation, and urban development, as well as social infrastructure such as health and education.<\/p>\n<p><strong>In today\u2019s issue: <\/strong>Like other infrastructure players, Egypt\u2019s real estate sector is taking a hit from rising raw and building material prices off the back of the war in Ukraine, along with higher borrowing costs, and the Central Bank of Egypt\u2019s decision to let the EGP slide against the USD, sources tell us. Still, developers with more advanced projects that have amassed land and inventory will likely be well positioned to absorb cost increases and recoup losses, they add \u2014 particularly over multi-year project cycles.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/banking\/\">banking<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/commodities\/\">commodities<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-inclusion\/\">financial inclusion<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fintech\/\">Fintech<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/indomie\/\">Indomie<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/indonesia\/\">Indonesia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/inflation\/\">inflation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/russia-ukraine-war\/\">Russia-Ukraine war<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tax\/\">tax<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/vat\/\">VAT<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/what-were-tracking-today\/\">What We&#039;re Tracking Today<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"546080\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                            \"\r\n            id=\"546080\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/27\/546080\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546080\" class=\"content-area-description single-story post-546080 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class='web-image'><a href='https:\/\/somabay.com\/'><img decoding=\"async\" data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/SOMA-ENTERPRISEFOOTGOLFFINAL-1600px.jpg?ssl=1\" alt='enterprise'><\/a><\/p>\n<p>Let\u2019s Footgolf and go on an adventure. Explore a floodlit nine-hole footgolf course at Somabay Golf, the first of its kind in Egypt. Open: Friday &ndash; Monday, 6:00pm-10:00pm. For more information, visit: https:\/\/somabay.com\/golf\/<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"546081\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"546081\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">2<\/div>\r\n\r\n                    <p class=\"f-graphik\">Investment Watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/27\/state-puts-out-welcome-mat-for-private-business-looking-to-net-usd-40-bn-in-investment-over-four-years\/\">\r\n                            State puts out welcome mat for private business, looking to net USD 40 bn in investment over four years                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/27\/state-puts-out-welcome-mat-for-private-business-looking-to-net-usd-40-bn-in-investment-over-four-years\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2022\/04\/27\/state-puts-out-welcome-mat-for-private-business-looking-to-net-usd-40-bn-in-investment-over-four-years\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2022\/04\/27\/state-puts-out-welcome-mat-for-private-business-looking-to-net-usd-40-bn-in-investment-over-four-years\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=State puts out welcome mat for private business, looking to net USD 40 bn in investment over four years&url=https:\/\/enterpriseam.com\/egypt\/2022\/04\/27\/state-puts-out-welcome-mat-for-private-business-looking-to-net-usd-40-bn-in-investment-over-four-years\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2022\/04\/27\/state-puts-out-welcome-mat-for-private-business-looking-to-net-usd-40-bn-in-investment-over-four-years\/&title=State puts out welcome mat for private business, looking to net USD 40 bn in investment over four years\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=State+puts+out+welcome+mat+for+private+business%2C+looking+to+net+USD+40+bn+in+investment+over+four+years+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F04%2F27%2Fstate-puts-out-welcome-mat-for-private-business-looking-to-net-usd-40-bn-in-investment-over-four-years%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/27\/state-puts-out-welcome-mat-for-private-business-looking-to-net-usd-40-bn-in-investment-over-four-years\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/374.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"546082\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/27\/state-puts-out-welcome-mat-for-private-business-looking-to-net-usd-40-bn-in-investment-over-four-years\/374-jpg-19\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/374.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"374.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/374.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/374.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546081\" class=\"content-area-description single-story post-546081 post type-post status-publish format-standard has-post-thumbnail hentry category-investment-watch tag-abdel-fattah-el-sisi tag-enterpriseam tag-investment-watch tag-ipo-watch tag-military-owned-companies tag-russia-ukraine-war tag-state-privatization-program tag-wheat wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <strong>The state wants to attract USD 10 bn in fresh investment annually over an<\/strong> <strong>unspecified four-year period by opening the door to \u201cprivate sector participation in state-owned assets,\u201d <\/strong>President Abdel Fattah El Sisi said in a televised speech yesterday at the Egyptian Family Iftar event. You can catch the full speech here: (<a href=\"https:\/\/www.youtube.com\/watch?v=srqfaDgjcVk\">watch, runtime: 1:00:25<\/a>). El Sisi did not offer further details in the speech, which is getting wide attention <a href=\"https:\/\/hapijournal.com\/?p=185264\">in the domestic press<\/a> as well as a pickup from <a href=\"https:\/\/www.reuters.com\/world\/middle-east\/egypt-seeks-private-sector-participation-state-owned-assets-worth-10-bln-2022-04-26\/\">Reuters<\/a>.<\/p>\n<p><strong>The president also used the speech to direct the Madbouly government to list<\/strong> <strong>military-owned firms on the EGX by the end of this year.<\/strong> Smart money is on bottled-water maker <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d5d7a08f-8981-4c32-965f-7ae7fb4c4a23\">Safi<\/a> and filling station operator <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7cd40893-6a1e-4d00-975c-6fa551a0f8f3\">Wataniya<\/a>, which are currently being prepared for public or private offerings before summer, Sovereign Fund of Egypt chief <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d69f67ca-4a47-4014-9416-a15331ddcadd\">Ayman Soliman<\/a> said earlier this week. El Sisi also wants to see the government offer for sale stakes in other state-owned companies that have no military shareholders.<\/p>\n<p><strong>LOOK FOR MORE DETAILS as early as next week after Eid: <\/strong>The government is <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d69f67ca-4a47-4014-9416-a15331ddcadd\">set to<\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d69f67ca-4a47-4014-9416-a15331ddcadd\"><\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d69f67ca-4a47-4014-9416-a15331ddcadd\">announce<\/a> its strategy to privatize state-owned firms and boost private-sector participation in the economy at a press conference after the Eid El Fitr holiday.<\/p>\n<p><strong>What to watch for: <\/strong>The government has previously signaled it will bring new assets to market, including fresh IPOs; sales of additional stakes in already-listed, state-controlled companies; and shares in military-owned companies \u2014 and<a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/341bd556-a758-49d4-9aa9-1852ae8a3d9f\">had hoped to sell shares<\/a> in as many as ten state-owned companies on the EGX in 2022, before Russia\u2019s invasion of Ukraine upended the global economy.<\/p>\n<p><strong>ON A RELATED NOTE- T<\/strong><strong>he Madbouly gov\u2019t wants state institutional investors to pour<\/strong> <strong>more into the EGX<\/strong>, particularly through pension and ins. funds, according to a cabinet statement. Prime Minister Mostafa Madbouly said the move would boost liquidity and bring more foreign investment to the bourse. The PM was quoted after meeting with EGX boss Mohamed Farid, public and private pension and ins. fund managers, and representatives of other government agencies.<\/p>\n<p><strong>What to watch for: <\/strong>Fund managers are set to receive guidance on how to up their EGX investments and the advantages of doing so, the statement read. Earlier this year, Sovereign Fund of Egypt (SFE) <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/79cf370c-524c-4475-ba02-ef6db006365e\">CEO Ayman Soliman said<\/a> that pushing ins. funds\u2019 investments in EGX-listed stocks to 10% could \u201crevive\u201d the market.<\/p>\n<p><strong>BACKGROUND- The Madbouly government has been looking for years now to sell state<\/strong> <strong>assets as part of a revived privatization program<\/strong>, but has run into obstacles including a global selloff from emerging markets (<a href=\"https:\/\/www.wsj.com\/articles\/emerging-markets-selloffs-why-this-one-is-different-1539613801\">2018<\/a> and into 2019) and then covid (2020, 2021). It has managed so far to sell an additional stake in already-listed Eastern Company, the state tobacco monopoly, and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/eaed208b-a58f-4060-9f0f-3cb326eb4a65\">successfully took fintech and payments company e-Finance<\/a> to market last fall.<\/p>\n<p><strong>ALSO FROM EL SISI\u2019S SPEECH- <\/strong><\/p>\n<ul>\n<li><strong>El Sisi said he has directed the gov\u2019t to h<\/strong><strong>old a press conference on its plans to<\/strong> <strong>deal with the <\/strong><strong>ongoing global economic crisis.<\/strong> Egypt has already made significant moves in response to the war\u2019s fallout, including allowing the EGP to devalue, introducing an emergency 100 bps interest rate hike, announcing a raft of stimulus measures, bringing in support from the GCC, and reaching out to the IMF for another potential round of emergency assistance.<\/li>\n<\/ul>\n<ul>\n<li><strong>The latest local wheat harvest will cover domestic consumption for around nine<\/strong> <strong>months<\/strong> and we could reach self-sufficiency in sugar by the end of the year, El Sisi said. The government is working to maximize the local harvest after the war in Ukraine put around <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/47455fdd-e237-4cbb-ad9a-c402d82a437c\">80% of Egypt\u2019s wheat imports at risk<\/a> and sent global grain markets spiraling.<\/li>\n<\/ul>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/abdel-fattah-el-sisi\/\">Abdel Fattah El Sisi<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/investment-watch\/\">investment watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ipo-watch\/\">IPO watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/military-owned-companies\/\">military-owned companies<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/russia-ukraine-war\/\">Russia-Ukraine war<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/state-privatization-program\/\">state privatization program<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/wheat\/\">wheat<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"546083\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"546083\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">3<\/div>\r\n\r\n                    <p class=\"f-graphik\">M&amp;A WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/27\/swvl-to-acquire-turkish-transit-company-volt-lines\/\">\r\n                            Swvl to acquire Turkish transit company Volt Lines                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/27\/swvl-to-acquire-turkish-transit-company-volt-lines\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2022\/04\/27\/swvl-to-acquire-turkish-transit-company-volt-lines\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2022\/04\/27\/swvl-to-acquire-turkish-transit-company-volt-lines\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Swvl to acquire Turkish transit company Volt Lines&url=https:\/\/enterpriseam.com\/egypt\/2022\/04\/27\/swvl-to-acquire-turkish-transit-company-volt-lines\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2022\/04\/27\/swvl-to-acquire-turkish-transit-company-volt-lines\/&title=Swvl to acquire Turkish transit company Volt Lines\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Swvl+to+acquire+Turkish+transit+company+Volt+Lines+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F04%2F27%2Fswvl-to-acquire-turkish-transit-company-volt-lines%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/27\/swvl-to-acquire-turkish-transit-company-volt-lines\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/375.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"546084\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/27\/swvl-to-acquire-turkish-transit-company-volt-lines\/375-jpg-2\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/375.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"375.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/375.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/375.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546083\" class=\"content-area-description single-story post-546083 post type-post status-publish format-standard has-post-thumbnail hentry category-ma-watch tag-enterpriseam tag-ma-watch tag-startup-watch tag-swvl tag-transport tag-volt-lines wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-02\"><\/a> <strong>Cairo-born mass transit firm Swvl is continuing its buying spree<\/strong>, <a href=\"https:\/\/www.prnewswire.com\/news-releases\/swvl-expands-further-in-europe-with-acquisition-of-volt-lines-turkeys-leading-provider-of-tech-enabled-mass-transit-solutions-301531809.html\">announcing this week<\/a> an agreement to purchase Turkish firm <a href=\"https:\/\/www.voltlines.com\/\">Volt Lines<\/a> in what is the company\u2019s fourth acquisition in the past eight months.<\/p>\n<p><strong>The details:<\/strong> The acquisition will be executed with a mix of cash and shares, with the \u201cvast majority\u201d of purchase being paid for with shares linked to earnout targets, Swvl CFO Youssef Salem told Enterprise. The transaction could value Volt at almost USD 40 mn should it reach its targets in the next two or three years, he said. Salem expects the transaction to close this quarter (2Q 2022) and Swvl will follow it up with a USD 25 mn investment to expand the business\u2019s footprint in Turkey, he added.<\/p>\n<p><strong>About Volt Lines: <\/strong>Founded in 2018, the company provides monthly subscriptions to employees of over 110 companies for shared bus commutes in Istanbul and Ankara. CEO Ali Halibi will remain at the company\u2019s helm, Swvl said in the statement.<\/p>\n<p><strong>\"The acquisition of Volt Lines expands on Swvl\u2019s position as a leader of mobility solutions<\/strong>, with a clear [chance] to scale the platform globally. Volt Lines brings an extensive list of multinational customers that we are excited to continue to grow relationships with as we provide them with the transportation solutions they need,\u201d Salem said in the statement.<\/p>\n<p><strong>This is Swvl\u2019s fourth acquisition since last August<\/strong>, when it <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/af5d2162-bf47-45d2-b982-46314e364512\">acquired<\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/af5d2162-bf47-45d2-b982-46314e364512\">mobility platform Shotl<\/a>, a Spanish firm that operates in 10 countries including Brazil and Japan. Swvl in November took a controlling stake in <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9ff7b137-c8e9-4f0f-b7d8-1eccf7e7cf63\">transit company Viapool<\/a>, which operates in Argentina and Chile, and recently entered Central Europe with its <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a69885d2-afc6-4a1c-8aef-016b926777d5\">acquisition of German company Door2Door<\/a>, which it expects to finalize later this quarter.<\/p>\n<p><strong>Swvl made its <\/strong><strong>Nasdaq debut<\/strong><strong> earlier this month <\/strong>after it concluded its SPAC merger with Queen\u2019s Gambit Growth Capital. The company offered a 35% stake to investors in a sale that originally valued it at USD 1.5 bn.<\/p>\n<p><strong>Swvl\u2019s shares are mounting a comeback after a volatile start <\/strong>to their life on the Nasdaq. Its stock fell almost 60% in the three weeks its debut, but has rallied over the past week and is now some 36% below its IPO price. The tech-heavy Nasdaq is itself down 23% from its most recent high \u2014 <a href=\"https:\/\/www.cnbc.com\/2022\/04\/25\/stock-market-futures-open-to-close-news.html\">well into bear market territory<\/a> \u2014 as traders pivot from growth stocks due to risk-off sentiment triggered by the war in Ukraine, inflationary pressure, and rising interest rates.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ma-watch\/\">M&amp;A Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/startup-watch\/\">Startup watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/swvl\/\">Swvl<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/transport\/\">transport<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/volt-lines\/\">Volt Lines<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"546085\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"546085\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">4<\/div>\r\n\r\n                    <p class=\"f-graphik\">M&amp;A WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/27\/pif-subsidiary-ups-stake-in-egx-listed-rameda-el-garhy-buys-natl-glass-and-crystal-from-adib-egypt\/\">\r\n                            PIF subsidiary ups stake in EGX-listed Rameda + El Garhy buys Nat\u2019l Glass and Crystal from ADIB Egypt                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/27\/pif-subsidiary-ups-stake-in-egx-listed-rameda-el-garhy-buys-natl-glass-and-crystal-from-adib-egypt\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2022\/04\/27\/pif-subsidiary-ups-stake-in-egx-listed-rameda-el-garhy-buys-natl-glass-and-crystal-from-adib-egypt\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2022\/04\/27\/pif-subsidiary-ups-stake-in-egx-listed-rameda-el-garhy-buys-natl-glass-and-crystal-from-adib-egypt\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=PIF subsidiary ups stake in EGX-listed Rameda + El Garhy buys Nat\u2019l Glass and Crystal from ADIB Egypt&url=https:\/\/enterpriseam.com\/egypt\/2022\/04\/27\/pif-subsidiary-ups-stake-in-egx-listed-rameda-el-garhy-buys-natl-glass-and-crystal-from-adib-egypt\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2022\/04\/27\/pif-subsidiary-ups-stake-in-egx-listed-rameda-el-garhy-buys-natl-glass-and-crystal-from-adib-egypt\/&title=PIF subsidiary ups stake in EGX-listed Rameda + El Garhy buys Nat\u2019l Glass and Crystal from ADIB Egypt\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=PIF+subsidiary+ups+stake+in+EGX-listed+Rameda+%2B+El+Garhy+buys+Nat%E2%80%99l+Glass+and+Crystal+from+ADIB+Egypt+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F04%2F27%2Fpif-subsidiary-ups-stake-in-egx-listed-rameda-el-garhy-buys-natl-glass-and-crystal-from-adib-egypt%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/27\/pif-subsidiary-ups-stake-in-egx-listed-rameda-el-garhy-buys-natl-glass-and-crystal-from-adib-egypt\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546085\" class=\"content-area-description single-story post-546085 post type-post status-publish format-standard hentry category-ma-watch tag-abu-dhabi-islamic-bank tag-el-garhy-steel tag-el-wehda-industrial-development-co tag-enterpriseam tag-ma-watch tag-national-glass-and-crystal-company tag-pif tag-rameda-pharma wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-03\"><\/a> <strong>Saudi PIF subsidiary<\/strong> <strong>ups stake in Rameda:<\/strong> The Saudi Seventh Investment Company (SSIC) has purchased another 6.5% of Rameda Pharma, raising its total stake to 11.01%, the <a href=\"https:\/\/ent.news\/2022\/4\/%D8%B1%D8%A7%D9%85%D9%8A%D8%AF%D8%A7-%D8%A7%D8%AE%D8%B7%D8%A7%D8%B1-%D8%A8%D8%B9%D8%AF-%D8%A7%D9%84%D8%AA%D9%86%D9%81%D9%8A%D8%B0-26-04-2022.pdf\">EGX announced (pdf)<\/a> yesterday. SSIC, a subsidiary of the Public Investment Fund (PIF, KSA\u2019s sovereign wealth fund), purchased 65 mn shares for EGP 135.2 mn on Thursday, less than two months after first investing in the company. SSIC purchased a 4.51% stake at the beginning of March as part of <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/297a77ab-540a-4c75-b02d-12134e8d207d\">a block transaction<\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/297a77ab-540a-4c75-b02d-12134e8d207d\">with Rameda\u2019s largest shareholder, Equinox<\/a>, Rameda\u2019s head of institutional investor relations, <a href=\"https:\/\/www.linkedin.com\/in\/yasminenegm\/?originalSubdomain=eg\">Yasmine Negm<\/a>, confirmed to Enterprise. Negm declined to disclose who sold the shares.<\/p>\n<p><strong>PIF loves Egypt:<\/strong> SSIC\u2019s latest share buy came after KSA and Egypt <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ce28f2c9-69b3-4c78-b2ab-1eb5d194e101\">inked an agreement<\/a> last month that would see the sovereign fund invest up to USD 10 bn in Egypt\u2019s healthcare, education, agriculture and financial services sectors, part of a raft of support measures from our friends in the Gulf to help shore up Egypt\u2019s fiscal position amid global volatility triggered by the war in Ukraine. As we noted yesterday, the Saudi cabinet and Shura Council have both signed off on the PIF <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d69f67ca-4a47-4014-9416-a15331ddcadd\">ramping up investment here<\/a>.<\/p>\n<p style='font-size: 18px;font-weight: bold' >ADIB Egypt sells National Glass and Crystal Co. to El Garhy Steel<\/p>\n<p><strong>A subsidiary of <\/strong><strong><a href=\"https:\/\/www.elgarhysteel.com\/\">El Garhy Steel<\/a><\/strong><strong> has acquired a majority stake in the National Glass and Steel Co.<\/strong> from ADIB Egypt, according to a <a href=\"https:\/\/ent.news\/2022\/4\/El-Wehda-buys-National-Co-Glass-from-ADIB.pdf\">regulatory filing (pdf)<\/a>. Garhy Steel unit El Wehda Industrial Development bought around 13.3 mn shares at EGP 2.25 per share for a total of EGP 30 mn, <a href=\"https:\/\/alborsaanews.com\/2022\/04\/24\/1533067\">Al Borsa<\/a> reports, citing EGX trading data. ADIB <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b47597a0-70d6-4847-8152-a200afcf370b\">announced plans<\/a> to offload its 88.3% stake in the glassmaker earlier this year.<\/p>\n<p><strong>El Wehda upped its offer: <\/strong>El Wehda had submitted <a href=\"https:\/\/www.tklaw-firm.com\/img\/tkpdf.jpg?fbclid=IwAR0R4QYUDyBatkFs63-kjpAqlBr0ICdafDxrrBqS-qtn8k2ZH2vLA5J4Qh8\">a mandatory tender offer<\/a> to buy 100% of the National Company for Glass and Crystal at EGP 1.35 per share, before upping its offer in the face of competition. ADIB received an offer from another firm \u2014 identified by local media as Kandil Steel \u2014 of EGP 2.40 per share. The Emirati bank will make up the EGP 0.15 difference for any minority shareholders who wish to exercise their option to also sell their shares to El Garhy, it said.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/abu-dhabi-islamic-bank\/\">Abu Dhabi Islamic Bank<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/el-garhy-steel\/\">El Garhy Steel<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/el-wehda-industrial-development-co\/\">El Wehda Industrial Development Co.<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ma-watch\/\">M&amp;A Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/national-glass-and-crystal-company\/\">National Glass and Crystal Company<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/pif\/\">PIF<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/rameda-pharma\/\">Rameda Pharma<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"546086\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                            \"\r\n            id=\"546086\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/27\/546086\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546086\" class=\"content-area-description single-story post-546086 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class='web-image'><a href='https:\/\/whatsnext.enterprise.press\/'><img decoding=\"async\" data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/New-Banners-English-v2_1600-text-1.jpg?ssl=1\" alt='enterprise'><\/a><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"546087\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"546087\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">5<\/div>\r\n\r\n                    <p class=\"f-graphik\">Startup watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/27\/saudis-foodics-closes-largest-ever-saas-series-c-round-in-mideast\/\">\r\n                            Saudi\u2019s Foodics closes largest-ever SaaS series C round in Mideast                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/27\/saudis-foodics-closes-largest-ever-saas-series-c-round-in-mideast\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2022\/04\/27\/saudis-foodics-closes-largest-ever-saas-series-c-round-in-mideast\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2022\/04\/27\/saudis-foodics-closes-largest-ever-saas-series-c-round-in-mideast\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Saudi\u2019s Foodics closes largest-ever SaaS series C round in Mideast&url=https:\/\/enterpriseam.com\/egypt\/2022\/04\/27\/saudis-foodics-closes-largest-ever-saas-series-c-round-in-mideast\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2022\/04\/27\/saudis-foodics-closes-largest-ever-saas-series-c-round-in-mideast\/&title=Saudi\u2019s Foodics closes largest-ever SaaS series C round in Mideast\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Saudi%E2%80%99s+Foodics+closes+largest-ever+SaaS+series+C+round+in+Mideast+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F04%2F27%2Fsaudis-foodics-closes-largest-ever-saas-series-c-round-in-mideast%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/27\/saudis-foodics-closes-largest-ever-saas-series-c-round-in-mideast\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/378.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"546088\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/27\/saudis-foodics-closes-largest-ever-saas-series-c-round-in-mideast\/378-jpg-8\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/378.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"378.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/378.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/378.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546087\" class=\"content-area-description single-story post-546087 post type-post status-publish format-standard has-post-thumbnail hentry category-startup-watch tag-enterpriseam tag-saas tag-saudi-arabia tag-startup-watch wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-04\"><\/a><strong> Saudi food startup closes blockbuster series C round: <\/strong>Saudi restaurant management platform <a href=\"https:\/\/www.foodics.com\/\">Foodics<\/a> has raised USD 170 mn in the biggest software-as-a-service (SaaS) series C funding round in the MENA region, it said in a <a href=\"https:\/\/www.foodics.com\/press\/series-c-funding\/\">press release<\/a> last Wednesday. The round was led by global tech investor <a href=\"https:\/\/www.prosus.com\/\">Prosus<\/a> and <a href=\"https:\/\/www.sanabil.com\/en\/\">Sanabil Investments<\/a>, an investment company owned by the Saudi sovereign wealth fund. Foodics also received backing from <a href=\"https:\/\/india.sequoiacap.com\/\">Sequoia Capital India<\/a> and existing investors including <a href=\"https:\/\/stv.vc\/\">STV<\/a>, <a href=\"https:\/\/endeavor.org\/catalyst\/\">Endeavor Catalyst<\/a>, and <a href=\"https:\/\/visionvc.co\/\">Vision Ventures<\/a>.<\/p>\n<p><strong>Where the money\u2019s going:<\/strong> The funding will back the platform\u2019s international expansion and help finance acquisitions to deepen its market penetration, the company said. It is also looking to launch new fintech, micro-lending and supply chain management services, as well as \u201cnon-food micro-retail outlets.\u201d<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/saas\/\">SaaS<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/saudi-arabia\/\">Saudi Arabia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/startup-watch\/\">Startup watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"546089\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"546089\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">6<\/div>\r\n\r\n                    <p class=\"f-graphik\">EARNINGS WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/27\/etisalat-misr-revenues-up-15-on-subscriber-growth-in-1q-2022\/\">\r\n                            Etisalat Misr revenues up 15% on subscriber growth in 1Q 2022                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/27\/etisalat-misr-revenues-up-15-on-subscriber-growth-in-1q-2022\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2022\/04\/27\/etisalat-misr-revenues-up-15-on-subscriber-growth-in-1q-2022\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2022\/04\/27\/etisalat-misr-revenues-up-15-on-subscriber-growth-in-1q-2022\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Etisalat Misr revenues up 15% on subscriber growth in 1Q 2022&url=https:\/\/enterpriseam.com\/egypt\/2022\/04\/27\/etisalat-misr-revenues-up-15-on-subscriber-growth-in-1q-2022\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2022\/04\/27\/etisalat-misr-revenues-up-15-on-subscriber-growth-in-1q-2022\/&title=Etisalat Misr revenues up 15% on subscriber growth in 1Q 2022\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Etisalat+Misr+revenues+up+15%25+on+subscriber+growth+in+1Q+2022+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F04%2F27%2Fetisalat-misr-revenues-up-15-on-subscriber-growth-in-1q-2022%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/27\/etisalat-misr-revenues-up-15-on-subscriber-growth-in-1q-2022\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546089\" class=\"content-area-description single-story post-546089 post type-post status-publish format-standard hentry category-earnings-watch tag-b-investments tag-cit tag-earnings tag-earnings-watch tag-enterpriseam tag-etisalat wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-05\"><\/a> <strong>Mobile network operator Etisalat Misr reported revenues of AED 1.3 bn (c. EGP 6.55 bn) <\/strong><strong>in 1Q 2022<\/strong>, up 15% from the same quarter last year, according to parent company e& (etisalat and)\u2019s <a href=\"https:\/\/ent.news\/2022\/4\/Etisalat-earning-releases-q1-2022.pdf\">earnings release (pdf)<\/a>. Top line growth was mainly driven by an increase in subscribers and mobile data and voice revenues.<\/p>\n<p><strong>The company\u2019s subscriber base in Egypt grew 6% y-o-y<\/strong> to reach 28.1 mn. Egyptian users accounted for almost 20% of the company\u2019s total subscribers at the end of the quarter.<\/p>\n<p><strong>Etisalat Misr spent AED 0.3 bn <\/strong><strong>(c. USD 82 mn<\/strong><strong> or EGP 1.5 bn) acquiring spectrum in 1Q, <\/strong>according to the release. The company bought <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7090c7ec-7b6a-487b-9d44-0b0296098af4\">40 MHz of new bandwidth<\/a> from the National Telecommunications Regulatory Authority (NTRA) in February for an undisclosed sum. In total, Etisalat Misr more than tripled its capex to AED 600 mn, including new spending on 4G and network capacity.<\/p>\n<p><strong>Across the entire group:<\/strong> e&\u2019s revenues inched up 0.8% y-o-y to AED 13.3 bn in line with the company\u2019s 2022 guidance. Strong performance in the UAE and Egypt helped to offset \u201cunfavorable exchange rates\u201d in Egypt, Pakistan and Morocco, which the company said had \u201cimpacted\u201d 1Q revenues. The results are a \u201ctestament to the effectiveness\u201d of the company\u2019s operations, Group CEO Hatem Dowidar said.<\/p>\n<hr class=\"grey-line\">\n<p><strong>Private equity firm B Investments\u2019 net income fell 63% in 2021 to EGP 105.3 mn<\/strong>, according to the company\u2019s consolidated <a href=\"https:\/\/ent.news\/2022\/4\/B-Investments-FY-2021.pdf\">financial statements<\/a><a href=\"https:\/\/ent.news\/2022\/4\/B-Investments-FY-2021.pdf\">(pdf)<\/a>. Revenues dropped 56% to EGP 162.7 mn during the year.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/b-investments\/\">B Investments<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cit\/\">CIT<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/earnings\/\">earnings<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/earnings-watch\/\">earnings watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/etisalat\/\">Etisalat<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"546090\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"546090\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">7<\/div>\r\n\r\n                    <p class=\"f-graphik\">Moves<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/27\/moharram-partners-joins-us-egypt-business-council-as-vice-chair\/\">\r\n                            Moharram &#038; Partners joins US-Egypt Business Council as vice-chair                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/27\/moharram-partners-joins-us-egypt-business-council-as-vice-chair\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2022\/04\/27\/moharram-partners-joins-us-egypt-business-council-as-vice-chair\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2022\/04\/27\/moharram-partners-joins-us-egypt-business-council-as-vice-chair\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Moharram &#038; Partners joins US-Egypt Business Council as vice-chair&url=https:\/\/enterpriseam.com\/egypt\/2022\/04\/27\/moharram-partners-joins-us-egypt-business-council-as-vice-chair\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2022\/04\/27\/moharram-partners-joins-us-egypt-business-council-as-vice-chair\/&title=Moharram &#038; Partners joins US-Egypt Business Council as vice-chair\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Moharram+%26%23038%3B+Partners+joins+US-Egypt+Business+Council+as+vice-chair+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F04%2F27%2Fmoharram-partners-joins-us-egypt-business-council-as-vice-chair%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/27\/moharram-partners-joins-us-egypt-business-council-as-vice-chair\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546090\" class=\"content-area-description single-story post-546090 post type-post status-publish format-standard hentry category-moves tag-enterpriseam tag-moharram-partners tag-moves tag-us-egypt-business-council wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-06\"><\/a> Our friends at public policy firm <strong>Moharram & Partners <\/strong>have been tapped as <strong>one of the vice-chairs of the <\/strong><strong><a href=\"https:\/\/www.uschamber.com\/program\/international-affairs\/middle-east-and-turkey-affairs\/us-egypt-business-council\">US-Egypt Business Council<\/a><\/strong> (USEBC) according to <a href=\"https:\/\/ent.news\/2022\/4\/MP-appointment-USEBC-PRL-EN.docx.pdf\">a statement (pdf)<\/a>. Bechtel, BP, and PepsiCo are also vice-chairs on the council, which is chaired by oil producer Apache. Moharram & Partners, founded by Moustafa Moharram (who also acts as CEO), specializes \u201cin all aspects of political\/policy risk analysis, public policy, government relations, and strategic corporate communications in the Middle East and Africa.\u201d Moharram said the firm aims to drive \u201cstronger trade and foreign direct investment relationships between our two nations.\u201d In the same statement, USEBC Executive Director Steve Lutes noted that M&P is a \u201cplatinum sponsor of the USEBC centennial celebration.\u201d<\/p>\n<p><strong>What\u2019s USEBC? <\/strong>Founded in 1979 by President Anwar Sadat and and US President Jimmy Carter, the USEBC calls itself \u201c\u200b\u200bthe leading advocacy organization representing America\u2019s top companies doing business in Egypt.\u201d<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/moharram-partners\/\">Moharram &amp; Partners<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/moves\/\">moves<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/us-egypt-business-council\/\">US-Egypt Business Council<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"546091\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                            \"\r\n            id=\"546091\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/27\/546091\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546091\" class=\"content-area-description single-story post-546091 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class='web-image'><a href='https:\/\/www.sodic.com\/'><img decoding=\"async\" data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/V-editions-1600px.jpg?ssl=1\" alt='enterprise'><\/a><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"546092\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"546092\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">8<\/div>\r\n\r\n                    <p class=\"f-graphik\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/27\/last-nights-talk-shows-el-sisi-pledges-to-boost-private-sector-participation\/\">\r\n                            Last Night\u2019s Talk Shows: El Sisi pledges to boost private-sector participation                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/27\/last-nights-talk-shows-el-sisi-pledges-to-boost-private-sector-participation\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2022\/04\/27\/last-nights-talk-shows-el-sisi-pledges-to-boost-private-sector-participation\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2022\/04\/27\/last-nights-talk-shows-el-sisi-pledges-to-boost-private-sector-participation\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Last Night\u2019s Talk Shows: El Sisi pledges to boost private-sector participation&url=https:\/\/enterpriseam.com\/egypt\/2022\/04\/27\/last-nights-talk-shows-el-sisi-pledges-to-boost-private-sector-participation\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2022\/04\/27\/last-nights-talk-shows-el-sisi-pledges-to-boost-private-sector-participation\/&title=Last Night\u2019s Talk Shows: El Sisi pledges to boost private-sector participation\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Last+Night%E2%80%99s+Talk+Shows%3A+El+Sisi+pledges+to+boost+private-sector+participation+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F04%2F27%2Flast-nights-talk-shows-el-sisi-pledges-to-boost-private-sector-participation%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/27\/last-nights-talk-shows-el-sisi-pledges-to-boost-private-sector-participation\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546092\" class=\"content-area-description single-story post-546092 post type-post status-publish format-standard hentry category-last-nights-talk-shows tag-abdel-fattah-el-sisi tag-enterpriseam tag-last-nights-talk-shows tag-state-privatization-program wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>President Abdel Fattah El Sisi\u2019s speech at the \u201c<\/strong><strong>Egyptian family iftar<\/strong><strong>\u201d dominated the <\/strong><strong>airwaves last night<\/strong>. El Sisi used the speech (<a href=\"https:\/\/www.youtube.com\/watch?v=srqfaDgjcVk\">watch, runtime: 1:00:25<\/a>) to signpost a few key priorities for the country looking forward, including plans to boost the role of the private sector in state-owned enterprises. We have all the details in the newswell, above.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/abdel-fattah-el-sisi\/\">Abdel Fattah El Sisi<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/last-nights-talk-shows\/\">LAST NIGHT\u2019S TALK SHOWS<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/state-privatization-program\/\">state privatization program<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    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class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">9<\/div>\r\n\r\n                    <p class=\"f-graphik\">EGYPT IN THE NEWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/27\/egypt-in-the-news-human-rights-reviving-history\/\">\r\n                            Egypt in the News: Human rights + reviving history                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a 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             <\/a>\r\n\r\n                \n<article id=\"post-546094\" class=\"content-area-description single-story post-546094 post type-post status-publish format-standard hentry category-egypt-in-the-news tag-ancient-egypt tag-archaeology tag-automotive tag-ayman-hadhoud tag-enterpriseam tag-history tag-human-rights tag-russia wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Human rights is getting more attention:<\/strong> The <a href=\"https:\/\/apnews.com\/article\/middle-east-africa-religion-egypt-fd2a8c585c38e79c7c46c1fcd4ff4a38\">AP<\/a> reports that several political activists, journalists and lawyers have been released from detention as part of the government\u2019s pre-Eid amnesty, which saw more than three dozen prisoners freed. Meanwhile, <a href=\"https:\/\/www.hrw.org\/news\/2022\/04\/20\/egypt-release-autopsy-report-investigate-suspicious-death\">Human Rights Watch<\/a> wants <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/41f8b32c-2275-46a6-b179-96c9f6949d14\">late economist Ayman Hadhoud\u2019s<\/a> autopsy to be made public to allow for further investigation from independent forensic experts to determine whether he was tortured in custody.<\/p>\n<p><strong>Restoration and preservation are also trending in the international press this morning:<\/strong> Egyptian volunteers are reviving Egypt\u2019s Jewish heritage, <a href=\"https:\/\/www.haaretz.com\/jewish\/.premium.MAGAZINE-yiddish-in-cairo-egyptians-rescue-centuries-of-jewish-life-from-garbage-dumps-1.10752999\">Haaretz<\/a> reports. Meanwhile, this <a href=\"https:\/\/apnews.com\/article\/middle-east-africa-lifestyle-egypt-cairo-912547fe6b4024ad3e17fc75aeb0619d\">Associated Press<\/a> photo essay documents car enthusiast Mohamed Wahdan\u2019s work to restore vintage cars to their former greatness. And archaeologists have <a href=\"https:\/\/www.facebook.com\/tourismandantiq\/posts\/357560643072155\">uncovered the remains<\/a> of a temple to Greek god Zeus in the Tell el-Farma archaeological site in northwest Sinai, say the <a href=\"https:\/\/apnews.com\/article\/science-travel-middle-east-africa-lifestyle-793e1f095439dbf19fa32181d19ba647\">AP<\/a> and <a href=\"https:\/\/english.news.cn\/20220426\/561eedc293f442b0a0af51f0181df89d\/c.html\">Xinhua<\/a>.<\/p>\n<p><strong>WATCH THIS SPACE- <\/strong>The planned demolition of a large part of Cairo\u2019s oldest cemetery, the City of the Dead, to make way for a flyover bridge linking central Cairo to the new administrative capital, receives criticism from both historians and Egyptians with ancestors buried in the area. Photographer Heba Khamis\u2019 accompanying images are fantastic. (<a href=\"https:\/\/www.nytimes.com\/2022\/04\/24\/world\/middleeast\/cairo-city-of-dead-cemetery.html\">New York Times<\/a>)<\/p>\n<p><strong>Also making headlines: <\/strong><\/p>\n<ul>\n<li><strong>The gig economy is providing jobs but at what cost?<\/strong> Delivering more than 1 mn orders a day, workers are being \u201cbled dry left and right,\u201d one driver says. (<a href=\"https:\/\/www.thestar.com.my\/tech\/tech-news\/2022\/04\/25\/egypt-gig-economy-workers-face-rough-ride\">AFP<\/a>)<\/li>\n<li><strong>Former MP sent to prison for smuggling antiquities: <\/strong>An Egyptian court has sentenced former MP Alaa Hassanein and four others to 10 years in prison for smuggling antiquities, while 18 others, including businessman Hassan Rateb, were sentenced to five years. (<a href=\"https:\/\/apnews.com\/article\/middle-east-africa-egypt-smuggling-hosni-mubarak-a4bd80adc886270a075f03e9fe7af6b8\">Associated Press<\/a>)<\/li>\n<li><strong>Can Cairo become a safe haven for Russian oligarchs? <\/strong>The Nidaa Masr party is urging the government to <a href=\"https:\/\/www.theguardian.com\/world\/2022\/mar\/26\/dubai-throws-open-the-doors-for-the-rich-russians-escaping-sanctions\">follow in Dubai\u2019s footsteps<\/a> and welcome Russian b\u2019naires to Egypt so the country can benefit from their exile from Western markets. (<a href=\"http:\/\/al-monitor.com\/originals\/2022\/04\/will-sanctioned-russian-oligarchs-find-haven-egypt\">Al Monitor<\/a>)<\/li>\n<\/ul>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ancient-egypt\/\">Ancient Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/archaeology\/\">archaeology<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/automotive\/\">automotive<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ayman-hadhoud\/\">Ayman Hadhoud<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/history\/\">History<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/human-rights\/\">human rights<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/russia\/\">Russia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"546095\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"546096\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"546096\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">10<\/div>\r\n\r\n                    <p class=\"f-graphik\">Also on our Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/27\/tuk-tuk-replacement-still-undecided-abb-to-open-train-component-plant-in-egypt\/\">\r\n                            Tuk-tuk replacement still undecided + ABB to open train component plant in Egypt                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/27\/tuk-tuk-replacement-still-undecided-abb-to-open-train-component-plant-in-egypt\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2022\/04\/27\/tuk-tuk-replacement-still-undecided-abb-to-open-train-component-plant-in-egypt\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2022\/04\/27\/tuk-tuk-replacement-still-undecided-abb-to-open-train-component-plant-in-egypt\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Tuk-tuk replacement still undecided + ABB to open train component plant in Egypt&url=https:\/\/enterpriseam.com\/egypt\/2022\/04\/27\/tuk-tuk-replacement-still-undecided-abb-to-open-train-component-plant-in-egypt\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2022\/04\/27\/tuk-tuk-replacement-still-undecided-abb-to-open-train-component-plant-in-egypt\/&title=Tuk-tuk replacement still undecided + ABB to open train component plant in Egypt\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Tuk-tuk+replacement+still+undecided+%2B+ABB+to+open+train+component+plant+in+Egypt+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F04%2F27%2Ftuk-tuk-replacement-still-undecided-abb-to-open-train-component-plant-in-egypt%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/27\/tuk-tuk-replacement-still-undecided-abb-to-open-train-component-plant-in-egypt\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546096\" class=\"content-area-description single-story post-546096 post type-post status-publish format-standard hentry category-also-on-our-radar tag-abb tag-african-development-bank tag-also-on-our-radar tag-amf tag-development-finance tag-egyptair tag-electric-trains tag-enterpriseam tag-kfw tag-legislation tag-manufacturing tag-money-laundering tag-south-korea tag-trade wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-07\"><\/a> The Madbouly <strong>government is in talks<\/strong> with an <strong>international automake<\/strong>r to<strong> produce vehicles <\/strong><strong>to replace tuk-tuks<\/strong>, Public Enterprises Minister Hisham Tawfik <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/384981590338934\">said last week<\/a>, without providing further details. Industry observers are closely watching to see what class of vehicles (and which incentives) the government authorizes to replace tuk-tuks, which largely serve peri-urban areas with streets too narrow or congested for standard four-wheeled vehicles.<\/p>\n<p><strong>ALSO- Automotive industry players are still waiting <\/strong>for news of the so-called \u201cautomotive directive\u201d \u2014 a long-in-the-works package of incentives and regulations designed to spur investment in vehicle assembly and manufacturing in Egypt. <a href=\"https:\/\/enterprise.press\/industries\/%f0%9f%8f%ad-inside-industry\/\">Our Inside Industry vertical<\/a>, presented in association with our friends at IDG, had a deep dive last month into what you can expect.<\/p>\n<p><strong>MEANWHILE- ABB <\/strong>will soon open an <strong>EGP 180 mn factory<\/strong> in Tenth of Ramadan City that will manufacture <strong>components for electric trains<\/strong>. It will source up to 40% of its components from local suppliers, and sell some 25% of its products to the local market. (<a href=\"https:\/\/bit.ly\/3jSngzk\">Al Mal<\/a>)<\/p>\n<p><strong>AND- <\/strong><strong>Cabinet<\/strong> approved <strong>amendments to the Anti-Money Laundering Act<\/strong> that would see an independent money laundering and terrorist financing unit set up at the Central Bank of Egypt. (<a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/385102716993488\">Statement<\/a>)<\/p>\n<p><strong>Other things we\u2019re keeping an eye on this morning:<\/strong><\/p>\n<ul>\n<li>Cabinet approved a <strong>USD 373 mn <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0a8df856-aabd-4831-bdf6-69b781d49182\">funding agreement<\/a><\/strong> with the <strong>Arab Monetary Fund<\/strong> to support the government in overcoming the effects of the covid pandemic, and a <strong>USD 60.6 mn financing agreement<\/strong> from the <strong>South Korean government<\/strong> to upgrade the signaling systems on the Luxor-High Dam railway line. (<a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/385102716993488\">Statement<\/a>)<\/li>\n<li>Banks opened <strong>letters of credit<\/strong> worth <strong>USD 11.6 bn<\/strong> in the six weeks since 1 March, when the CBE\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f1237459-2827-438d-96c3-8fe7a8dce26e\">new rule<\/a> requiring businesses to use L\/Cs to import goods came into effect. (<a href=\"https:\/\/www.almasryalyoum.com\/news\/details\/2579154\">AMAY<\/a>)<\/li>\n<li><strong>The 2016 crash of Paris-Cairo EgyptAir flight MS804 was the result of a fire <\/strong><strong>sparked by a cigarette<\/strong>, according to a report conducted by French aviation experts that Italian paper <a href=\"https:\/\/www.corriere.it\/cronache\/22_aprile_26\/volo-egyptair-incendio-piloti-fumo-fb725f4c-c4d3-11ec-8db2-dfe15c68e9dd.shtml\">Corriere della Sera<\/a> claims to have seen. British newspaper <a href=\"https:\/\/www.telegraph.co.uk\/world-news\/2022\/04\/26\/pilots-smoking-cockpit-leaky-oxygen-masks-caused-crash-aircraft\/\">the Telegraph<\/a> also has the story.<\/li>\n<li>German development bank <strong>KfW<\/strong> has agreed to lend us <strong>EUR 26 mn <\/strong>to finance the <strong>r<\/strong><strong>enovation of hydropower stations in Aswan<\/strong>. (<a href=\"https:\/\/www.facebook.com\/MOICEgypt\/posts\/351362887025616\">Statement<\/a>)<\/li>\n<li>The <strong>Women Entrepreneurs Finance Initiative (We-Fi)<\/strong> has allocated <strong>USD 15 <\/strong><strong>mn<\/strong> to the <strong>African Development Bank<\/strong> to extend digital services and training to<strong> women-owned SMEs in Egypt<\/strong>, Cameroon, Kenya, Mozambique and Nigeria. (<a href=\"https:\/\/we-fi.org\/fourth-round-funding-announcement\/\">Statement<\/a>)<\/li>\n<\/ul>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/abb\/\">ABB<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/african-development-bank\/\">African Development Bank<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/also-on-our-radar\/\">ALSO ON OUR RADAR<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/amf\/\">AMF<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/development-finance\/\">development finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egyptair\/\">EgyptAir<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/electric-trains\/\">electric trains<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/kfw\/\">Kfw<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/legislation\/\">legislation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/manufacturing\/\">Manufacturing<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/money-laundering\/\">money laundering<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/south-korea\/\">South Korea<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/trade\/\">trade<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"546097\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"546097\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">11<\/div>\r\n\r\n                    <p class=\"f-graphik\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/27\/wall-street-extends-a-bad-run-on-trouble-for-tech-stocks\/\">\r\n                            Wall Street extends a bad run on trouble for tech stocks                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/27\/wall-street-extends-a-bad-run-on-trouble-for-tech-stocks\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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Shares in Microsoft and Google owner Alphabet both dropped following the release of their 1Q earnings \u2014 but the biggest loser of the day was electric carmaker Tesla, which fell <a href=\"https:\/\/finance.yahoo.com\/quote\/TSLA\/\">over 12%<\/a>to knock some USD 110 bn off the electric carmaker\u2019s valuation, the <a href=\"https:\/\/www.ft.com\/content\/cd047da9-b386-468a-a322-cded95400acb?fbclid=IwAR1gOUQOP0IgAA6vQG-qWGRvOymNZNCQ2Hty_0STmJ_QRTIuLmHOyw94lW4\">Financial Times<\/a> reported. The drop comes as investors fret that Tesla boss Elon Musk will need to sell a major stake in his firm to raise liquidity for his <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f5018b4b-ea8e-4953-89a5-58d74fcaa37b\">planned takeover<\/a> of Twitter in a USD 44 bn, all-cash transaction. The S&amp;P 500 dropped 2.8%, while the tech-heavy Nasdaq lost around 4% to see its lowest close since late 2020.<\/p><p><strong>ALSO- <\/strong><strong>HSBC income hit by Ukraine war, China property crunch: <\/strong>HSBC\u2019s pre-tax earnings fell 28% y-o-y in 1Q 2022 after reporting almost USD 650 mn in expected credit losses from exposure to Russia and China. The bank said further stock buybacks \u2014 after USD 3 bn in buybacks unveiled over the last two quarters \u2014 would be \u201cunlikely\u201d for the rest of the year. The story is getting wide pickup in the global financial press, including <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-04-26\/hsbc-first-quarter-earnings-beat-estimates-on-rise-in-lending\">Bloomberg<\/a>. (<a href=\"https:\/\/ent.news\/2022\/4\/HSBC-1Q-earnings-2022.pdf\">Earnings release, pdf<\/a>)<\/p><p><strong>BREXIT, SHMEXIT- London was 2021\u2019s top city for foreign investment in finance: <\/strong>The UK capital attracted GBP 600 mn into 114 financial and professional services projects in 2021, according to a report published by the City of London Corporation, putting it ahead of Dubai and Singapore, which came in second and third place, respectively. (<a href=\"https:\/\/www.theglobalcity.uk\/resources\/the-uk-a-top-destination\">Report<\/a>)<\/p><div class=\"stock-ticker-panel\">\n<table class=\"table stock-ticker-table table-striped markets-table\">\n<tbody>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>EGX30 <\/strong><\/p>\n<\/td>\n<td>\n<p>10,682<\/p>\n<\/td>\n<td>\n<p>+1.3% (YTD: -10.6%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD (CBE)<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 18.46<\/p>\n<\/td>\n<td>\n<p>Sell 18.55<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD at CIB<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 18.47<\/p>\n<\/td>\n<td>\n<p>Sell 18.55<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Interest rates CBE<\/strong><\/p>\n<\/td>\n<td>\n<p>9.25% deposit<\/p>\n<\/td>\n<td>\n<p>10.25% lending<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Tadawul<\/strong><\/p>\n<\/td>\n<td>\n<p>13,503<\/p>\n<\/td>\n<td>\n<p>-0.3% (YTD: +19.7%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>ADX<\/strong><\/p>\n<\/td>\n<td>\n<p>10,041<\/p>\n<\/td>\n<td>\n<p>-0.0% (YTD: +18.3%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>DFM<\/strong><\/p>\n<\/td>\n<td>\n<p>3,666<\/p>\n<\/td>\n<td>\n<p>+0.3% (YTD: +14.7%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>S&amp;P 500<\/strong><\/p>\n<\/td>\n<td>\n<p>4,175<\/p>\n<\/td>\n<td>\n<p>-2.8% (YTD: -12.4%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>FTSE 100<\/strong><\/p>\n<\/td>\n<td>\n<p>7,836<\/p>\n<\/td>\n<td>\n<p>+0.1% (YTD: +0.0%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Euro Stoxx 50<\/strong><\/p>\n<\/td>\n<td>\n<p>3,721<\/p>\n<\/td>\n<td>\n<p>-1.0% (YTD: -13.4%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Brent crude<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 104.99<\/p>\n<\/td>\n<td>\n<p>+2.6%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td>\n<p>USD 6.82<\/p>\n<\/td>\n<td>\n<p>-0.4%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Gold<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 1,907.20<\/p>\n<\/td>\n<td>\n<p>+0.2%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>BTC<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 38,320<\/p>\n<\/td>\n<td>\n<p>-4.8% (as of midnight)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div><p><strong>THE CLOSING BELL-<\/strong><\/p><p><strong>The EGX30 rose 1.3% at yesterday\u2019s close<\/strong> on turnover of EGP 708 mn (22% below the 90-day average). Foreign investors were net buyers. The index is down 10.6% YTD.<\/p><p><strong>In the green: <\/strong>AMOC (+5.4%), EFG Hermes (+4.9%), and Abu Qir Fertilizers (+4.9%).<\/p><p><strong>In the red: <\/strong>Fawry (-6.8%), MM Group (-4.9%) and Cleopatra Hospital (-4.4%).<\/p><p><strong>Major Asian benchmarks are solidly in the red<\/strong> at dispatch time, with the Nikkei leading the decline (-1.8%), followed by Seoul\u2019s Kospi (-1.1%). European benchmarks and the TSX Composite are set to follow suit later today at the opening bell, while futures suggest Wall Street could buck the trend.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/dubai\/\">Dubai<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/earnings\/\">earnings<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/elon-musk\/\">Elon Musk<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/equities\/\">equities<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-markets\/\">Financial Markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hsbc\/\">HSBC<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/planet-finance\/\">Planet Finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tesla\/\">Tesla<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/twitter\/\">Twitter<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/uk\/\">UK<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"546098\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"546098\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">12<\/div>\r\n\r\n                    <p class=\"f-graphik\">Diplomacy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/27\/usaid-wants-to-help-us-with-food-inflation-egypt-condemns-israeli-actions-at-al-aqsa\/\">\r\n                            USAID wants to help us with food inflation + Egypt condemns Israeli actions at Al Aqsa                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/27\/usaid-wants-to-help-us-with-food-inflation-egypt-condemns-israeli-actions-at-al-aqsa\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2022\/04\/27\/usaid-wants-to-help-us-with-food-inflation-egypt-condemns-israeli-actions-at-al-aqsa\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2022\/04\/27\/usaid-wants-to-help-us-with-food-inflation-egypt-condemns-israeli-actions-at-al-aqsa\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=USAID wants to help us with food inflation + Egypt condemns Israeli actions at Al Aqsa&url=https:\/\/enterpriseam.com\/egypt\/2022\/04\/27\/usaid-wants-to-help-us-with-food-inflation-egypt-condemns-israeli-actions-at-al-aqsa\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2022\/04\/27\/usaid-wants-to-help-us-with-food-inflation-egypt-condemns-israeli-actions-at-al-aqsa\/&title=USAID wants to help us with food inflation + Egypt condemns Israeli actions at Al Aqsa\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=USAID+wants+to+help+us+with+food+inflation+%2B+Egypt+condemns+Israeli+actions+at+Al+Aqsa+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F04%2F27%2Fusaid-wants-to-help-us-with-food-inflation-egypt-condemns-israeli-actions-at-al-aqsa%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/27\/usaid-wants-to-help-us-with-food-inflation-egypt-condemns-israeli-actions-at-al-aqsa\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546098\" class=\"content-area-description single-story post-546098 post type-post status-publish format-standard hentry category-diplomacy tag-diplomacy tag-enterpriseam tag-inflation tag-international-cooperation-ministry tag-israel tag-rania-al-mashat tag-un tag-usaid wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>USAID\u2019s Samantha Power, Al Mashat discuss food security, COP27:<\/strong> USAID wants to help Egypt mitigate the impact of rising food prices amid war in Ukraine, agency administrator Samantha Power told International Cooperation Minister Rania Al Mashat during talks on Monday, USAID said in an <a href=\"https:\/\/www.usaid.gov\/news-information\/press-releases\/apr-25-2022-usaid-administrator-power-meeting-egyptian-minister-international-cooperation-dr-rania-al-mashat\">official statement<\/a>. The two sides also discussed Egypt's preparations to host the COP27 climate summit and human rights.<\/p>\n<p><strong>\u201cEgypt condemned the incursion of the Israeli occupying forces into Al Aqsa <\/strong><strong>Mosque<\/strong> and called for respecting the status quo in East Jerusalem\u201d in a UN Security Council meeting yesterday, Egypt's Permanent Representative to the UN Osama Abdel Khalek said in a <a href=\"https:\/\/twitter.com\/EgyptPRNewYork\/status\/1518808248933044224?cxt=HHwWgMCy-cWD8pMqAAAA\">tweet<\/a>. Tensions have been running high in the Israeli-Palestinian conflict in recent weeks amid a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6df96d11-2109-4e73-b26b-9f0cefeeca87\">spate of clashes<\/a> at Jerusalem\u2019s Al Aqsa mosque.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/diplomacy\/\">DIPLOMACY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/inflation\/\">inflation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/international-cooperation-ministry\/\">International Cooperation Ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/israel\/\">Israel<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/rania-al-mashat\/\">Rania Al Mashat<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/un\/\">UN<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/usaid\/\">USAID<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<div class=\"alignfull hardhat vertical-section wide-section wp-block-group issue-section\" id=\"546099\">\r\n    <div class=\"issue-section__content\">\r\n        <div class=\"alignwide wp-block-columns\">\r\n            <div class=\"wp-block-column sidebar-vertical-info\" style=\"flex-basis:22.8%\">\r\n                <figure class=\"wp-block-image size-full\">\r\n                                            <img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27467.svg\" style=\"width:80%\" alt=\"\" >\r\n                                    <\/figure>\r\n                <p>\r\n                    Our weekly deep-dive into infrastructure in Egypt.                <\/p>\r\n                <figure class=\"wp-block-image size-full mt-0 mb-0 img-white-bg\"><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27479.svg\" alt=\"\"><\/figure>\r\n                <p class=\"has-text-color has-link-color\">\r\n                    Published every Wednesday in EnterpriseAM.                <\/p>\r\n                <div class=\"wp-block-buttons mt-0\">\r\n                    <div class=\"wp-block-button\">\r\n                        <a class=\"wp-block-button__link has-background wp-element-button\" href=\"https:\/\/enterpriseam.com\/egypt\/hardhat\/\">\r\n                            Read Hardhat                        <\/a>\r\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column issue-section\">\r\n                <div class=\"story-section\">\r\n                    <div class=\"issue-story-header text-center\">\r\n                        <div class=\"index-number\">12<\/div>\r\n    \r\n                        \r\n                        <h3 class=\"story-title\"><a href=\"https:\/\/enterpriseam.com\/egypt\/hardhats\/how-are-egypts-real-estate-developers-being-impacted-by-recent-inflation-and-the-devaluation\/\"> \r\n                            How are Egypt\u2019s real estate developers being impacted by recent inflation and the devaluation?<\/a>\r\n                        <\/h3>\r\n    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/hardhats\/how-are-egypts-real-estate-developers-being-impacted-by-recent-inflation-and-the-devaluation\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/hardhats\/how-are-egypts-real-estate-developers-being-impacted-by-recent-inflation-and-the-devaluation\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/hardhats\/how-are-egypts-real-estate-developers-being-impacted-by-recent-inflation-and-the-devaluation\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=How are Egypt\u2019s real estate developers being impacted by recent inflation and the devaluation?&url=https:\/\/enterpriseam.com\/egypt\/hardhats\/how-are-egypts-real-estate-developers-being-impacted-by-recent-inflation-and-the-devaluation\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/hardhats\/how-are-egypts-real-estate-developers-being-impacted-by-recent-inflation-and-the-devaluation\/&title=How are Egypt\u2019s real estate developers being impacted by recent inflation and the devaluation?\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=How+are+Egypt%E2%80%99s+real+estate+developers+being+impacted+by+recent+inflation+and+the+devaluation%3F+https%3A%2F%2Fenterpriseam.com%2Fegypt%2Fhardhats%2Fhow-are-egypts-real-estate-developers-being-impacted-by-recent-inflation-and-the-devaluation%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>                    <\/div>\r\n    \r\n                    <div class=\"story__body\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/hardhats\/how-are-egypts-real-estate-developers-being-impacted-by-recent-inflation-and-the-devaluation\/\">\r\n                            <div class=\"photo photo--above\">\r\n                                <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/382.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" sizes=\"(max-width: 34.9rem) calc(100vw - 2rem), (max-width: 53rem) calc(8 * (100vw \/ 12)), (min-width: 53rem) calc(6 * (100vw \/ 12)), 100vw\" data-attachment-id=\"546100\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/hardhats\/how-are-egypts-real-estate-developers-being-impacted-by-recent-inflation-and-the-devaluation\/382-jpg-4\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/382.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"382.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/382.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/382.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                            <\/div>\r\n                        <\/a>\r\n                        \n<article id=\"post-546099\" class=\"content-area-description post-546099 hardhat type-hardhat status-publish has-post-thumbnail hentry tag-commodities tag-enterprise-hardhat tag-enterpriseam tag-inflation tag-madinet-masr-for-housing-and-development tag-ora-developers tag-real-estate tag-redcon-construction wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-08\"><\/a><strong> How are Egypt\u2019s real estate developers being impacted by inflation and the <\/strong><strong>recent devaluation of the EGP? <\/strong>Egypt\u2019s infrastructure players are being squeezed by rising raw and building material prices, higher borrowing costs, and the Central Bank of Egypt\u2019s (CBE) 21 March decision to let the EGP slide against the USD, <a href=\"https:\/\/enterprise.press\/hardhats\/contractors-margins-threat-rising-raw-material-costs\/\">we reported recently<\/a>. Today, we talk to some of the country\u2019s leading real estate developers to understand how the sector is being impacted. They tell us they\u2019re taking a hit from the significant price hikes, but that players with projects at a more advanced stage \u2014 and those that have amassed land and inventory \u2014 are relatively well placed to absorb increases and recoup losses over the course of multi-year project cycles.<\/p>\n<p><strong>Many key materials have seen costs soar since war broke out in Ukraine: <\/strong>Within the last two months, key building supplies and materials have seen cost increases of anything from 15-40%, MNHD CEO Abdallah Sallam tells Enterprise. Steel rebar \u2014 which accounts for almost 10% of a developer\u2019s construction budget \u2014 has jumped to an estimated EGP 20-22k per ton, from EGP 14-15k, ORA Developers CEO Haitham Mohamed tells us. Cement has doubled in price to EGP 1.5-1.6k per ton, from EGP 800. Aluminum has almost tripled to over EGP 120k per ton, from EGP 43k, and steel rebar has increased to EGP 20k per ton, says O West CEO Tarek Kamel.<\/p>\n<p><strong>This inflation is both a local and global phenomenon: <\/strong>When we look at cost increases, steel prices can be used as a benchmark because they impact everything, RedCon Construction Vice Chairman Tarek El Gamal tells Enterprise. Steel price increases in Europe are within the same range as what we\u2019re seeing in Egypt, he adds.<\/p>\n<p><strong>But with the recent EGP devaluation, Egyptian developers are facing an extra hit: <\/strong>The EGP has slid around 17% against the USD since last month\u2019s devaluation, says Kamel. And though many real estate construction materials are sourced locally, all have some level of FX exposure. For example, cement \u2014 for which there are several local manufacturers \u2014 is significantly exposed to global energy prices, with soaring coal prices alone accounting for some 50% of the increase in cement prices, industry players <a href=\"https:\/\/enterprise.press\/hardhats\/commodity-price-shock-pushing-price-building-materials-egypt\/\">told us previously<\/a>.<\/p>\n<p><strong>FX rate changes, supply shortages and general panic have all played a role in driving inflation<\/strong>, says Kamel. The war in Ukraine brings fundamental supply shortages, with Russia and Ukraine being key suppliers of raw materials used in steel production, says El Gamal. Not all materials are in equally short supply, but shortages are being seen everywhere, says Sallam. The war caused a chain reaction that hit multiple areas \u2014 tourism, wheat, Egypt\u2019s ability to import goods \u2014 in a very short period, before the additional shock of the devaluation. \u201cIf it was just one factor, rather than this whole combination, it could have been a bit easier to hedge or digest without the dramatic effects in the market,\u201d he adds.<\/p>\n<p><strong>Uncertainty about supply chain creates its own vicious cycle: <\/strong>A big chunk of the price increase in raw materials is driven by uncertainty, says Kamel. After the war ends, there will likely be a backlog of demand, and no one knows how quickly factories will recover and begin supplying goods again, he adds. And this is all very normal given that the market is facing devaluation and inflation so soon after facing covid, notes Mohamed. \u201cYou still have excess demand and low supply. But this will stabilize in a couple of years,\u201d he predicts.<\/p>\n<p><strong>So are these increased costs hitting margins? While answers vary, the overall consensus is \u201cyes\u201d: <\/strong>\u201cIf we don\u2019t do anything, cost increases will definitely impact our margins,\u201d says Sallam. \u201cBut we\u2019re trying to take some measures [to reduce the impact].\u201d RedCon is already feeling the hit to its margins, says El Gamal. \u201cWe\u2019re revisiting our studies to see how to face this kind of spike in costs and absorb it in different ways,\u201d he adds.<\/p>\n<p><strong>Meanwhile, contractors are don\u2019t have clarity on where raw materials prices are heading<\/strong>, making it difficult for them to commit to pricing during what most in the industry hope is simply a messy transition period.<\/p>\n<p><strong>But developers also note that factors like the status of projects will affect the size of the hit \u2014 so the impact on individual firms varies <\/strong><strong>greatly<\/strong><strong>: <\/strong>\u201cIn my specific case, for O West, the impact isn\u2019t big \u2014 and the main reason for this is that we\u2019ve already awarded the biggest chunk of our units to contractors, so development and construction are already happening,\u201d says Kamel. \u201cBut this might vary from one developer to another, based on project status. High sales with little awarding and contracting is high-risk, while awarding and contracting in parallel with selling is almost no risk,\u201d he adds.<\/p>\n<p><strong>This is closely linked to the developer\u2019s financial capability<\/strong>, Kamel continues. A developer with shaky finances has to keep selling, to collect money and then award to contractors, whereas developers with solid financials can sell and award simultaneously, to an extent, he notes.<\/p>\n<p><strong>Companies that have amassed land and inventory \u2014 which are typically larger players \u2014 are often in a better position to absorb extra costs and recoup losses<\/strong>, several sources note. Projects that already have their infrastructure in place are at an advantage compared to ones that don\u2019t, notes Kamel. A project that\u2019s been there for a few years has probably sourced a lot of its material already, and has plenty in stock, he adds.<\/p>\n<p><strong>This is <\/strong><strong>crucial<\/strong><strong>, because land in particular is poised to get a whole lot more expensive: <\/strong>Land normally appreciates by 10% annually, but developers buying new land will definitely find it substantially affected by inflation, notes Mohamed.<\/p>\n<p><strong>But ultimately, developers need to look at average costs over several years to assess how their margins could be impacted: <\/strong>Adopting a medium to long-term view, Mohamed believes that cost increases will be absorbed so that, on average, margins won\u2019t be affected over a period of several years. But possible caps on price hikes could limit how much developers could increase prices within a single year, he notes. \u201cI\u2019m expecting to take a hit in 2022, but we can overcome this in 2023 and 2024 because prices will increase more than normal. So margins will go back to normal,\u201d he says.<\/p>\n<p><strong>This kind of hedging is a fundamental part of the industry,<\/strong> El Gamal notes. \u201cThe nature of our industry is that it takes years to build our products, so we\u2019re always looking at averages,\u201d he says.<\/p>\n<p><strong>Keep an eye out for part two<\/strong>, wherein we look at what steps real estate developers are taking to mitigate the short-term fallout from raw material cost increases and the devaluation, and whether project deliverability is being impacted.<\/p>\n<hr class=\"grey-line\">\n<p><strong>Your top infrastructure stories for the week:<\/strong><\/p>\n<ul>\n<li><strong>Egypt signs <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/37c6713c-597a-4ba6-adb3-ab0228f7231c\">major agreements to produce green energy<\/a><\/strong><strong> in the SCZone:<\/strong> Egypt signed agreements with French energy giant EDF Renewables and Emirati energy firms AMEA Power and Masdar to build plants producing green forms of energy including hydrogen and ammonia<\/li>\n<li><strong>US conglomerate Honeywell <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/17ab764a-2d1f-42df-91c4-eb29616b5662\">wants to invest USD 200 mn<\/a><\/strong><strong> in petrochemicals<\/strong> and the production of green aricraft fuels in Egypt, saying our location could see us become a pivotal center linking Europe to the Middle East in green fuel projects.<\/li>\n<li><strong>Egypt is mulling establishing a local fleet of bulk carrier ships and auxiliary units <\/strong>to transport Egyptian exports and imports, according to a <a href=\"https:\/\/www.facebook.com\/MinistryTransportation\/posts\/304656318498098\">statement<\/a>by the Transport Ministry.<\/li>\n<li><strong>Mokattam Corniche will get a new look:<\/strong> State-owned El Nasr Housing has signed an agreement with engineering firm Scope International for the EGP 32 bn development of Mokattam Corniche, according to a cabinet <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/389463126557447\">statement<\/a>.<\/li>\n<\/ul>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/commodities\/\">commodities<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/inflation\/\">inflation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/madinet-masr-for-housing-and-development\/\">Madinet Masr for Housing and Development<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ora-developers\/\">Ora Developers<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/real-estate\/\">real estate<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/redcon-construction\/\">Redcon Construction<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column\" style=\"flex-basis:19.8%\"><\/div>\r\n        <\/div>\r\n    <\/div>\r\n<\/div>\n<section id=\"546101\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"calendar\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/27\/546101\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546101\" class=\"content-area-description single-story post-546101 post type-post status-publish format-standard hentry category-calendar wpautop entry\">\n\n\t\t\t<hr class=\"wp-block-separator has-text-color has-primary-color has-alpha-channel-opacity has-primary-background-color has-background is-style-wide\">\n\n\t\t<h2 class=\"wp-block-heading mt-0 has-primary-color has-text-color has-link-color has-normal-font-size\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\">\n\t\t\t<strong> CALENDAR<\/strong>\n\t\t<\/h2>\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>OUR CALENDAR NOW APPEARS in two sections: <\/strong><\/p>\n<ul>\n<li><strong>Events with specific dates or months <\/strong>are right here up top<\/li>\n<li><strong>Events happening in a quarter or other range of time <\/strong>with no specific date \/ month appear at the bottom of the calendar.<\/li>\n<\/ul>\n<p><strong>APRIL<\/strong><\/p>\n<p>April: Ghazl El Mahalla shares will begin trading on the EGX.<\/p>\n<p>April: A delegation from a major Belgian shipping company will arrive for talks on building an international shipping supply center in Egypt.<\/p>\n<p>30 April (Saturday): Deadline for submitting corporate tax returns for companies whose financial year ends 31 December.<\/p>\n<p>30 April (Saturday): <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d34fde27-bb5d-4393-8c4d-b149d636663d\">Fixed customs exchange rate<\/a> lifted.<\/p>\n<p>30 April - 5 May (Saturday-Thursday): <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/383615447142215\">National holiday<\/a> in observance of Labor Day and Eid Al Fitr.<\/p>\n<p>Late April through 15 May: 1Q2022 earnings season<\/p>\n<p><strong>MAY<\/strong><\/p>\n<p>May: Investment in Logistics Conference, Cairo, Egypt.<\/p>\n<p>May: General Authority for Land and Dry Ports to issue the conditions booklet for the tender to establish and operate the Tenth of Ramadan dry port.<\/p>\n<p>1 May (Sunday): Labor Day.<\/p>\n<p>1 May (Sunday): Suez Canal Authority raises tolls for different vessels.<\/p>\n<p>2 May (Monday): <a href=\"https:\/\/www.facebook.com\/NRIAG2\/posts\/1661290627570693\">Eid Al Fitr<\/a>.<\/p>\n<p>3-4 May (Tuesday-Wednesday): Federal Reserve interest rate meeting.<\/p>\n<p>4 May (Wednesday): 3 February (Thursday): Deadline to send in applications for Cultural Property Agreement Implementation projects to the <a href=\"https:\/\/eg.usembassy.gov\/wp-content\/uploads\/sites\/156\/CPAIG-2022-Announcment-RDL-edits.pdf\">US Embassy in Cairo<\/a>.<\/p>\n<p>10-12 May (Tuesday-Thursday): <a href=\"https:\/\/globalevents.ebrd.com\/event\/abbff80b-9203-4a59-b458-a0b0a3cc6977\/summary?RefId=Press%20Open%20Registration&rp=bb613e72-8b0f-4ba6-b6cc-787264ded1db\">EBRD Annual Meeting and Business Forum<\/a>, Marrakesh, Morocco.<\/p>\n<p>15 May (Sunday): Last day for EGX-listed companies to file 1Q2022 earnings<\/p>\n<p>19 May (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/p>\n<p>19 May (Thursday): EFG Hermes\u2019 general shareholders\u2019 meeting to discuss, among several things, a capital increase of EGP 973 mn to finance the distribution of bonus shares to the company\u2019s minority shareholders.<\/p>\n<p>25 May (Wednesday): The <a href=\"https:\/\/bit.ly\/36oOWst\">deadline for<\/a> private companies to pre-register ahead of bidding for the second phase of the PPP national project to establish and operate 1k language schools.<\/p>\n<p>31 May (Tuesday): The <a href=\"https:\/\/itida.gov.eg\/English\/Programs\/Export-IT%20Rebate%20Program%202017\/Pages\/default.aspx\">application deadline<\/a> for ITIDA\u2019s annual Export IT program.<\/p>\n<p><strong>JUNE<\/strong><\/p>\n<p>5-7 June (Sunday-Tuesday): <a href=\"https:\/\/www.africahealthexcon.com\/\">Africa Health ExCon<\/a>, Al Manara International Conference Center, Egypt International Exhibitions Center, and the St. Regis Almasa Hotel, New Administrative Capital.<\/p>\n<p>9 June (Thursday): European Central Bank monetary policy meeting.<\/p>\n<p>14-15 June (Tuesday-Wednesday): Federal Reserve interest rate meeting.<\/p>\n<p>15-18 June (Wednesday-Saturday): <a href=\"https:\/\/forumspb.com\/en\/\">St. Petersburg International Economic Forum<\/a> (SPIEF), St. Petersburg.<\/p>\n<p>16 June (Thursday): End of 2021-2022 academic year for public schools.<\/p>\n<p>21-22 June (Tuesday-Wednesday): <a href=\"https:\/\/www.facebook.com\/MFAEgypt\/posts\/298129062496947\">Aswan Forum for Sustainable Peace and Development<\/a>, Cairo.<\/p>\n<p>23 June (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/p>\n<p>27 June-3 July (Monday-Sunday): World University Squash Championships, New Giza.<\/p>\n<p>30 June (Thursday): June 30 Revolution Day, national holiday.<\/p>\n<p>30 June (Thursday): Deadline for bids for National Democratic Party HQ redevelopment contract.<\/p>\n<p><strong>JULY<\/strong><\/p>\n<p>July: A law governing ins. for seasonal contractors will come into effect.<\/p>\n<p>July: Fuel pricing committee meets to decide quarterly fuel prices.<\/p>\n<p>Early July: Polish President to visit Egypt.<\/p>\n<p>1 July (Friday): FY 2022-2023 begins.<\/p>\n<p>1 July (Friday): Official rollout of e-receipt system begins.<\/p>\n<p>8 July (Friday): Arafat Day.<\/p>\n<p>9-13 July (Saturday-Wednesday): Eid Al Adha, national holiday.<\/p>\n<p>21 July (Thursday): European Central Bank monetary policy meeting.<\/p>\n<p>26-27 July (Tuesday-Wednesday): Federal Reserve interest rate meeting.<\/p>\n<p>30 July (Saturday): Islamic New Year.<\/p>\n<p>Late July - 14 August: 2Q2022 earnings season.<\/p>\n<p><strong>AUGUST<\/strong><\/p>\n<p>August: Work to extend the capacity of the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3a67dcca-de16-4313-b330-60fc1a21e6db\">Egypt-Sudan electricity interconnection<\/a> to 600 MW to be completed.<\/p>\n<p>18 August (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/p>\n<p><strong>SEPTEMBER<\/strong><\/p>\n<p>September: Egypt will display its first naval exhibition with the title <a href=\"https:\/\/bit.ly\/3lshDZX\">Naval Power<\/a>.<\/p>\n<p>September: Central Bank of Egypt\u2019s Innovation and Financial Technology Center to launch incubator for 25 fintech startups.<\/p>\n<p>8 September (Thursday): European Central Bank monetary policy meeting.<\/p>\n<p>18 September (Sunday): Deadline for brokerage firms, asset managers and financial advisors <a href=\"https:\/\/alborsaanews.com\/2022\/04\/06\/1527896\">to register<\/a> with the Egyptian Securities Federation.<\/p>\n<p>20-21 September (Tuesday-Wednesday): Federal Reserve interest rate meeting.<\/p>\n<p>22 September (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/p>\n<p><strong>OCTOBER<\/strong><\/p>\n<p>October: World Bank and IMF annual meetings in Washington, DC<\/p>\n<p>October: Fuel pricing committee meets to decide quarterly fuel prices.<\/p>\n<p>1 October (Saturday): Use of Nafeza <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/381373340699759\">becomes compulsory<\/a> for air freight.<\/p>\n<p>6 October (Thursday): Armed Forces Day, national holiday.<\/p>\n<p>8 October (Saturday): Prophet Muhammad\u2019s birthday, national holiday.<\/p>\n<p>18-20 October(Tuesday-Thursday): Mediterranean Offshore Conference, Alexandria, Egypt.<\/p>\n<p>27 October (Thursday): European Central Bank monetary policy meeting.<\/p>\n<p>Late October - 14 November: 3Q2022 earnings season.<\/p>\n<p><strong>NOVEMBER<\/strong><\/p>\n<p>November: Cairo Water Week 2022.<\/p>\n<p>1-2 November (Tuesday-Wednesday): Federal Reserve interest rate meeting.<\/p>\n<p>3 November (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/p>\n<p>4-6 November: The <a href=\"https:\/\/www.autotechegypt.com\/en\/home.html\">Autotech<\/a> auto exhibition kicks off at the Cairo International Exhibition and Convention Center.<\/p>\n<p>7-18 November (Monday-Friday): Egypt will host <a href=\"https:\/\/sdg.iisd.org\/events\/2021-un-climate-change-conference-unfccc-cop-27\/\">COP 27<\/a> in Sharm El Sheikh.<\/p>\n<p>21 November-18 December (Monday-Sunday): 2022 Fifa World Cup, Qatar.<\/p>\n<p>13-14 December (Tuesday-Wednesday): Federal Reserve interest rate meeting.<\/p>\n<p>15 December (Thursday): European Central Bank monetary policy meeting.<\/p>\n<p><strong>DECEMBER<\/strong><\/p>\n<p>22 December (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/p>\n<p><strong>JANUARY 2023<\/strong><\/p>\n<p>January EGX-listed companies and non-bank lenders will submit ESG reports for the first time.<\/p>\n<p>January: Fuel pricing committee meets to decide quarterly fuel prices.<\/p>\n<p><strong>EVENTS WITH NO SET DATE <\/strong><\/p>\n<p>1H2022: Target date for IDH to close its acquisition of 50% of Islamabad Diagnostic Center.<\/p>\n<p>1H2022: e-Finance\u2019s digital healthcare service platform, eHealth, will launch its services.<\/p>\n<p>1H2022: The government will respond to private companies\u2019 bids to build desalination plants.<\/p>\n<p>1H2022: Egypt\u2019s second corporate green bond issuance expected to be announced.<\/p>\n<p>14 March-30 June: The \u201cEscape to Egypt\u201d exhibition at the <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02TyfzyKQdaqZmXvT1e3FuyPe3vSpn55zshBzfPbVExM3BR7KTZ3Geb6QVSsHa2S5Nl\">Coptic Museum<\/a>, in celebration of its 112th anniversary.<\/p>\n<p>2Q2022: The Sovereign Fund of Egypt will invest in two companies in the financial inclusion and non-banking financial services sectors.<\/p>\n<p>End of 2Q2022: The Financial Regulatory Authority\u2019s new Ins. Act should be approved.<\/p>\n<p>End of 2Q2022: Door for bidding for the contract to redevelop the site of the former National Democratic Party HQ to close.<\/p>\n<p>End of 1H2022: Emirati industrial company M Glory Holding and the Military Production Ministry will begin the mass production of dual fuel pickup trucks that can run on natural gas.<\/p>\n<p>2H2022: The inauguration of the Grand Egyptian Museum.<\/p>\n<p>2H2022: <a href=\"https:\/\/www.ief.org\/news\/egypt-to-host-8th-ief-igu-ministerial-gas-forum-in-2022\">IEF-IGU Ministerial Gas Forum<\/a>, Egypt. Date + location TBA.<\/p>\n<p>2H2022: The government will have vaccinated 70% of the population.<\/p>\n<p>3Q2022: Ayady\u2019s consumer financing arm, The Egyptian Company for Consumer Finance Services, to release its first financing product.<\/p>\n<p>End of 2022: e-Aswaaq\u2019s tourism platform will complete the roll out of its ticketing and online booking portal across Egypt.<\/p>\n<p>2023: Egypt <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/380561820780911\">will host<\/a> the Asian Infrastructure Investment Bank\u2019s Annual Meeting of the Board of Governors in 2023.<\/p>\n<p><strong>**Note to readers:<\/strong> Some national holidays may appear twice above. Since 2020, Egypt has observed most mid-week holidays on Thursdays regardless of the day on which they fall and may also move those days to Sundays. We distinguish above between the actual holiday and its observance.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"","protected":false},"featured_media":546078,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-546077","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"96ceba41-367d-4ec6-9fbf-2b8ce1be4bf2","teaser":"","photo_url":"https:\/\/ent.news\/2022\/4\/33.jpg"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>El Sisi wants to attract USD 40 bn in private investment through sale of state assets over the next four years - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/issues\/el-sisi-wants-to-attract-usd-40-bn-in-private-investment-through-sale-of-state-assets-over-the-next-four-years\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"El Sisi wants to attract USD 40 bn in private investment through sale of state assets over the next four years\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/issues\/el-sisi-wants-to-attract-usd-40-bn-in-private-investment-through-sale-of-state-assets-over-the-next-four-years\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:modified_time\" content=\"2025-12-15T21:18:59+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/33.jpg?fit=%2C&ssl=1\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/issues\/el-sisi-wants-to-attract-usd-40-bn-in-private-investment-through-sale-of-state-assets-over-the-next-four-years\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/issues\/el-sisi-wants-to-attract-usd-40-bn-in-private-investment-through-sale-of-state-assets-over-the-next-four-years\/\",\"name\":\"El Sisi wants to attract USD 40 bn in private investment through sale of state assets over the next four years - 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